World's five richest men 'double their money' since 2020

The world’s five richest men have more than doubled their fortunes to $869bn (£688bn) since 2020, while the world’s poorest 60% – almost 5 billion people – have lost money, according to new research.

- Rupert Neate

A report by Oxfam publishes the details as the world’s richest people gather from today in Davos, Switzerland, for the annual World Economic Forum meeting of political leaders, corporate executives and the super-rich.

The yawning gap between rich and poor is likely to increase, the report warns, and will lead to the world crowning its fi rst trillionaire within a decade. At the same time, it warned that if current trends continued, world poverty would not be eradicated for another 229 years.

Highlighting a dramatic increase in inequality since the pandemic, Oxfam said the world’s billionaires were $3.3 tn (£2.6 tn) richer than in 2020, and their wealth has grown three times faster than the rate of infl ation .

The report, Inequality Inc, found that seven out of 10 of the world’s biggest corporations have a billionaire as CEO or principal shareholder, despite stagnation in living standards for millions of workers around the world.